• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Revolution clips Egyptair's wings

Jun 08 2011 10:42 James-Brent Styan

Related Articles

Airlines bank on India, China growth

Airlines' profit losing altitude

SAA boss makes Iata breakthrough

SA's air passengers set to soar

New budget airline launched

Iceland eruption knocks airline shares

 

Singapore - Egypt’s national carrier Egyptair is struggling to recover from a massive slump caused by the revolution that overthrew former president Hosni Mubarak in February this year.

The airline, one of the three biggest in Africa, lost up to $80m at the peak of the crisis.

Hussein Massoud, the CEO of Egyptair, told Fin24 on Wednesday that while tourism to Egypt has been recovering quickly, business and other travel to the North African country is still slack.

“The tourism market represents between 8% and 10% of Egyptair’s business. Areas like Sharm el Sheik is pretty much back to normal. It’s just Cairo and Alexandra where there are still problems. However, we need business travel and other travel like scholar groups to start recovering. Egyptair’s business model depends on the regular scheduled flights and these are still not back to pre-revolution levels.”

Massoud said there were still several factors beyond its control.

“We need security to be 100% back to normal. Then political stability is needed and finally economic stability. The first important step towards all that is probably the elections coming up later this year.”

He is not worried about possible changes in the status quo, with a new government expected to be elected by the end of the year.

“The airline is important to everyone in Egypt and has a big role to play in Egypt.” Egyptair is owned by the Egyptian government.

He said the interim government also called on Egyptair to assist in evacuating Egyptians from  neighbouring Libya when that country erupted into civil war.

“We flew up to 45 daily flights into Libya, evacuating thousands of Egyptians. At the height of the crisis on February 28 we flew 9 000 people back to Egypt.” 

airlines
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Police allowed to become brutal - DA lawyer

A DA election advert depicts how the government has allowed the police to become brutal, Icasa's complaints and compliance committee has heard.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...